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Monday, August 30, 2010

The Story of the Too Big To Fail

Inside boardrooms during the crash 

The top-ranked baboons within the storied US investment banks mark their territory loudly and clearly in an encyclopaedic account of the financial crash that engulfed the world in 2008.

Andrew Ross Sorkin is a not-so-archetypal mild-mannered New York Times reporter who has pieced together the boardroom events as the world raced to the brink of financial catastrophe.

In his book Too Big to Fail he has used a considerable contact book to recreate a word-by-word account of many, many meetings among those attempting to save Bear Stearns, Lehman Bros, American International Group and many others.

Central figures include the then treasury secretary, Henry Paulson, and the then president of the Federal Reserve Bank of New York, Timothy Geithner, later to succeed Paulson when the Obama administration took over.

This is a good article and the book referred to in the piece Too Big Too Fail by Andrew Ross Sorkin should also be a good read.  I have not read it yet but it is on my calendar today to obtain.

Other News Links 
Lack of Jobs, Foreclosures May Keep Housing in US Depressed
Who's really to blame for the economy
Christian Science Monitor (blog)

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